Quadrant Real Estate Advisors has provided a $38.3m long-term, fixed rate loan to Brandolini Companies to refinance the Paoli Shopping Center in Paoli, a suburb of western Philadelphia, Pennsylvania.
The Acme Markets-anchored retail center was redeveloped in 2000, expanded from 70,000 sq ft to 166,000 sq ft.
The complex, made up of six one-story buildings and 650 parking spaces across nearly 19 acres, is 96.8 percent leased to additional tenants including Pier One, Talbots, Loft, Chico’s, JoS. A. Bank, Francesca’s, Einstein’s Bagels, Bravo’s Pizza and Kitchen Capers.
The center is located at the intersection of Route 252 and Route 30, known in the region as the “Main Line” or Lancaster Avenue, which connects the city of Philadelphia to the suburbs.
Brandolini Companies has developed, owns and operates 2.8m sq ft of property. The firm currently manages 10 retail shopping centers, mostly in Pennsylvania, with three additional under construction. The firm has also constructed over 6,000 homes.
HFF’s Ryan Ade, who arranged the financing, said:
“Paoli Shopping Center enjoys one of the best in-fill locations for retail of any property in the Philadelphia market. Lender interest was very high for this financing and afforded Brandolini the luxury of choice in selecting their capital provider.”